- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-07-25T20:31:00
A federal appeals court has denied the whistleblower claims of a former Royal Bank of Scotland employee seeking compensation for a tip he said generated more than $10 billion worth of settlements.
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The Securities and Exchange Commission amended its rules to provide further incentives to whistleblowers, particularly in cases involving large payouts or multiple federal agencies.
The SEC had scheduled a Sept. 2 vote on controversial changes to its whistleblower program that, if passed, could weaken the agency’s prohibition of retaliation against whistleblowers and limit large rewards. The meeting has been canceled.
A federal appeals court ordered two federal agencies to review the whistleblower claims of a former Royal Bank of Scotland employee who is seeking a slice of a nearly $5 billion settlement.
Two pairs of claimants will receive whistleblower awards totaling more than $98 million and $24 million, respectively, for information they provided to the Securities and Exchange Commission that led to an enforcement action.
Discrimination against whistleblowers in the U.K. has risen to such a level that the government may need to actively pursue plans to afford greater legal protection, as well as introduce financial awards to compensate for their “career suicide.”
The Department of Justice released the details of its long-awaited corporate whistleblower awards pilot program that will prioritize reporting in areas of corporate crime not currently covered by existing whistleblower programs.
